Links in “Agencies”
- 20th Anniverary of FDIC Consumer News Released
The newsletter marks its 20th year anniversary and includes topics of avoiding risky loans, tips when shopping for a loan, handling adverse action when being denied a checking or savings account and the very popular role of social media and the consumer. [12/13]
- Ring out the Bells: NCUA’s Final Board Meeting ’13
NCUA Board goes final for meetings and various actions including rules to allow FCUs to invest in hybrid accounts to fund charitable causes under certain conditions as well as a reduced budget for 2014. Proposal on examiner safety, member access, and privacy at home-based FCUs presented along with update on mortgage rules. [12/13]
- Must the CFPB Demonize Lenders?
Industry observer questions whether the CFPB, when it published its final rule on the mortgage loan disclosures, had to characterize the rules as necessary to combat the practices of "evil, nasty lenders," when lenders have been using the exact disclosures that the government mandated. [12/12]
- FHA Issues Guidelines for Qualifying Higher-Risk Borrowers
New Federal Housing Administration guidelines address "compensating factors" to help lenders be consistent when underwriting loans to borrowers with lower credit score, but verified cash reserves or other compensating factors. [12/12]
- Socially Speaking Surfaces to Final Guidance
Interagency Regulatory guidance focuses on risk factors of social media and includes regulation by regulation guidance and reputation risk impact analysis section for designing response. [12/12]
- No Class in Arbitration Found
CFPB report on use of arbitration in consumer contracts finds prevalence amongst larger FIs to have complexity in language, prohibition in 9 out of 10 from class action arbitration, and limited use of arbitration by consumers especially for smaller amounts. [12/12]
- NCUA Issues December Report
Articles highlight new CUSO rule, guidance on mortgage rules and Chairman Matz' regulatory outlook as well as a NCUA version of "'Twas the Night before Christmas." [12/12]
- With Filibuster Rule Busted, Watt’s Confirmation Sails Through
After his nomination stalled in the Senate earlier this year due to Republican opposition, Rep. Mel Watt is confirmed to lead the Federal Housing Finance Agency in a Senate vote of 57-41. [12/11]
- HUD Delivers Its Own QM and ATR Defs
HUD goes final on Title I, Title II, Sections 184 and 184A products as they relate to definitions under qualified mortgages based on rate, ability to repay, etc. [12/11]
- CFPB Delivers Tough Medicine to GE CareCredit
CFPB fines GE CareCredit $34.1 million on product offering that facilitate payments for medical and dental costs, but was insufficiently transparent in the heavy interest costs if not paid in full. Requires improved enrollment processes, enhanced disclosures, and greater training. [12/11]
